May 16, 2020

Balfour Beatty reaches financial close on Hospitals Project in Canada

North American construction
Public Private Partnership
2 min
Balfour Beatty reaches financial close on Hospitals Project in Canada
Balfour Beatty, the international infrastructure group, announced it has reached financial close for two new acute care hospitals on Vancouver Island, B...

Balfour Beatty, the international infrastructure group, announced it has reached financial close for two new acute care hospitals on Vancouver Island, British Columbia, Canada.

As part of the Tandem Health Partners consortium, Balfour Beatty Investments will invest £9.4 million into the project which represents 50% of the equity required, with Connor, Clark & Lunn Traditional Infrastructure and Gracorp Capital Advisors investing the remaining equity.

This is the first time a green bond has been issued to finance a public infrastructure project in Canada and the first Public Private Partnership (PPP) green bond in North America. Using green bonds to help fund PPP projects adds another dimension of social and environmental responsibility to these partnerships.

Ian Rylatt, Balfour Beatty Investments CEO said, “We are very pleased to reach financial close on this, our second project in the Canadian health care market this year.

“Coupled with the BC Children’s & BC Women’s Redevelopment project also based in British Columbia, the North Island Hospitals project is another significant step in the development of our investments business in Canada.”

The 30 year PPP project on behalf of Island Health will cover the financing, design, construction, and facilities management for the Campbell River Hospital and Comox Valley Hospital. Construction services will be delivered by Graham Design Builders LP. Construction activity is expected to commence immediately with completion estimated in late 2017.

In addition, Balfour Beatty Communities and Honeywell will deliver facilities management services over the 30-year concession period.

Find out more about Balfour’s Investment Division 

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Jun 24, 2021

Skanska invests $225m in Houston office project

Dominic Ellis
2 min
Skanska plans to build a 28-floor office tower in Houston as its London office receives WELL Platinum sustainability ranking and drone trials are underway

Skanska is investing US$225m in an office development project, 1550 on the Green in Houston, with construction expected to begin in June and scheduled to be completed in 2024.

The construction contract is worth US$125M, which will be included in the Q2 order bookings. International law firm Norton Rose Fulbright has signed a 15-year lease for about 30 percent of the building.

Located at 1550 Lamar Street, adjacent to Discovery Green, in downtown Houston, Skanska plans to develop and build a 28-floor, 34,800 square meter office tower.

1550 on the Green will be the first part of a three-block master plan by Skanska, which will transform the parcels into a distinguished district known as Discovery West and consist of 3.5 acres of mixed-use development full of restaurants, retail and lush green space. The project will target LEED and WiredScore Platinum certifications.

Since 2009, Skanska has invested a total of US$2.8 billion in commercial and multi-family projects, creating more than 1 million square meters of sustainable and community focused developments in select U.S. markets. Skanska USA had sales of SEK66 billion in 2020 with 7,600 employees in its operations.

Skanska’s flagship London office has set the standard in sustainable workspaces by becoming the first in the UK to achieve WELL Platinum under the new v2 pilot scheme.

The accreditation from the International WELL Building Institute (IWBI) was awarded through the v2 pilot, the newest version of the WELL Building Standard. It looks at all building features and management processes – from air and water quality to lighting, acoustics, nutrition, thermal comfort and mental wellbeing. It’s widely recognised as the industry yardstick for measuring how workspaces can contribute to the wellbeing of occupants.

The offices – which span three floors of the newly developed 51 Moorgate – contain floor-to-ceiling windows for extensive natural light, dedicated wellbeing and quiet spaces, as well as stringent air and water quality monitoring, among a range of other features that have helped earn the standard.

The company has also been exploring drone flights for use in industrial environments.

Peter Cater, Development Manager, said it was invited to carry out trials because of its use and knowledge of drone capability. "The trials have benefited everyone involved: get to test their equipment and remote use of the drones and we get access to accurate, real-time data on our construction activities which benefits us and our customer, the Defence Infrastructure Organisation."

“Projects like this – at the forefront of innovation – go to show what an exciting industry construction is to be involved in. We are always looking for innovative ways of working, ways to be more sustainable so we can find better solutions for our customers. These trials are just one small part of our digital transformation journey.”

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